Economics
Economic globalization is the increasing economic integration and interdependence of national, regional and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. Advances in communication and transportation technology, combined with free-market ideology, have given goods, services, and capital unprecedented mobility. Northern countries want to open world markets to their goods and take advantage of abundant, cheap labor in the South, policies often supported by Southern elites. They use international financial institutions and regional trade agreements to compel poor countries to "integrate" by reducing tariffs, privatizing state enterprises, and relaxing environmental and labor standards. The results have enlarged profit for investors but offered pittances to laborers, provoking a strong backlash from civil society. This page analyzes economic globalization, and examines how it might be resisted or regulated in order to promote sustainable development. ' ' Inequality Economic inequality refers to the income gap between the wealthy classes and the poor classes. It is becoming a major problem as the inequality grows, and can eventually become destructive and hinder growth. While inequality is not wanted, it is in some instances necessary in order to define the classes, and spur large amounts of economic growth. Economic inequality is based on the amount of a few things. The first is the amount of education determines the amount of income made. The second, is technology. This widens the gap of inequality by allowing less jobs for poor working class people, and in turn allows the wealthy upper classes to retain money, while machines cut out the needed laborers and the costs that come with them Migration In 1980 the world migration population was less than 100 million people. Then by 2005 it had increased to 190 million people due to the globalization era. Of this 190 million 60% migrated to more developed countries. Europe and the United States is home to 57% of that 60%. They come to the more developed countries in search of jobs and a better life for themselves and their families. There are four big elements to economic globalization first is the growth of digitalized technology and communication has revolutionized the nature, efficiency and organization of every aspect of production and distribution. Second there is a rapid growth of the market economy and world trade has prompted regional and national economies to destroy barriers of trade by integrating transnational trading zones in order to carve out a larger share of the world market. Third is the integration of the world economy facilitates the flow of capital, raw materials, goods, services and people across national boundaries. Last is advances in information technology, there is a competition among economies to develop such technology in order to sustain their growth. Multi-National Corporations Multinational corporations have contributed a lot to the rise of globalization, one thing that the corporations have done is brought automation to more countries. This makes the workers have to develop new skills leaving some workers behind. The educational infrastructure in these countries may not be able to teach the workers these skills. This takes the government's attention away from social issues and puts its attention towards education. There are several organizations that deal with these corporations such as the anti-sweatshop movement which tries to better the condition that the workers are put under. Multi-National Corporations Multinational corporations have contributed a lot to the rise of globalization, one thing that the corporations have done is brought automation to more countries. This makes the workers have to develop new skills leaving some workers behind. The educational infrastructure in these countries may not be able to teach the workers these skills. This takes the government's attention away from social issues and puts its attention towards education. There are several organizations that deal with these corporations such as the anti-sweatshop movement which tries to better the condition that the workers are put under. Multi-National Corporations Multinational corporations have contributed a lot to the rise of globalization, one thing that the corporations have done is brought automation to more countries. This makes the workers have to develop new skills leaving some workers behind. The educational infrastructure in these countries may not be able to teach the workers these skills. This takes the government's attention away from social issues and puts its attention towards education. There are several organizations that deal with these corporations such as the anti-sweatshop movement which tries to better the condition that the workers are put under. REFERENCES https://www.globalpolicy.org/globalization/globalization-of-the-economy-2-1.html